Capital One SBA loan

[lifeistough]

Finally Capital One will get a clue regarding our bankruptcy. I am a sole proprietor and filed chapter 7, they keep telling me that the sba loan cannot be discharged since its a personal bankruptcy. I have told them over and over that sole proprietors are the business and all debt is classed as personal. They disagreed.

I got a call from a collection service to day regarding the capital one sba loan and when I told them again, that I am a sole proprietor the collection agency agreed with me and said they didn't understand why capital one didn't realize that when they had been told over and over. They are giving the info back to capital one and said that if you are sole proprietor then it would be dischargable. Its about time

[Jumper]

good for you,

I'm not too surprised by Capitol One's behaviour though,..
They are the only creditor that refuses to respect the automatic stay
of my BK,...even though they've received both written and verbal notice.

[lifeistough]

Yea, they still send me bills even though I have told them and faxed all the information. Maybe now they will stop? ha ha

Good luck with them as well.

[lifeistough]

I guess I spoke too soon I received a letter from Coface Collections today for our SBA loan with Capital One, stating that I am persoanlly liable regarding the SBA loan.

It said " A preliminary asset and liability investigation has been completed and findings indicate that you individually and your company have sufficient assets to warrant civil legal proceedings". Blah Blah Blah

Anyway what can be done to Capital One for continuing to bill and contact me demanding payment even though they were notified about the bk?

I would like to sue thier "butts" for harassment!!!! I will forward the letter to my attorney on Monday, just curious if anyone has insight regarding this?

[lifeistough]

I spoke with collection agency today and they said "Capital One is a large bank and so they probably never received the BK notice". Ha I called them myself 4 times and faxed the info. Anyway to make a long story short they closed the file and listed as 410 Bankruptcy. I threatened to file a complaint and now its fine. Capital One is the worst!!!

They have been our only problem and now we are just waiting for 11/30 for our 60 days to be up. Can't wait